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On January 1, 2024, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2025 . The company borrowed $1,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2024 : $5,000,000,12% bonds $3,000,000,8% long-term note Construction expenditures incurred during 2024 were as follows: Required: Calculate the amount of interest capitalized for 2024. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3% )